61.540 Statement of member and employer -- Summary plan description.

395 words·~2 min read·/ky/chapter-61/61-540

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Under administrative regulations promulgated by the board, each member and each

employer may file at the retirement office, in the form the board may prescribe, a

statement of the facts pertaining to the member and other information the system

may require.

(2)The Authority shall prepare and make available upon request to all members, retired

members, or beneficiaries a summary plan description, written in a manner that can

be understood by the average member, retired member, or beneficiary, and

sufficiently accurate and comprehensive to reasonably apprise them of their rights

and obligations under the provisions of KRS 16.505 to 16.652, 61.510 to 61.705

and 78.510 to 78.852.

(3)The summary plan description shall include:

(a)The name of the retirement system, the name and business address of the

executive director of the Kentucky Public Pensions Authority and the chief

executive officer, and the name, business address, and title of each member of

the board of trustees;

(b)The name and business address of the person designated for the service of

legal process;

(c)The system's requirements for participation and benefits;

(d)A description of retirement formulas for normal, early and disability

retirement, and survivor benefits;

(e)A description of the requirements for vesting of pension benefits;

(f)A reasonable list of circumstances which would result in disqualification,

ineligibility, or denial or loss of benefits;

(g)The sources of financing retirement benefits, and statutory requirements for

funding;

(h)A statement after each actuarial valuation as to whether funding requirements

are being met; and

(i)The procedures to be followed in presenting claims for benefits under the

plan, and the remedies available under the plan for the redress of claims which

are denied in whole or in part.

(4)The system may publish the summary plan description in the form of a paper or

electronic comprehensive pamphlet or booklet, or in the form of paper or electronic

periodic newsletters which shall incorporate all the information required in the

summary plan description within a period of two

(2)years. Any changes in statutory

requirements or administrative practices which alter the provisions of the plan as

described in the summary plan description shall be summarized as required in

subsection

(2)of this section and shall be made available upon request to members

in the form of a supplement to a comprehensive booklet, or reported in the periodic

newsletter.